News that ONGC Videsh Ltd., India’s flagship oil and gas explorer, would raise $4 billion to buy stakes in two Mozambique energy assets shows India is stepping up its game to fix its energy-deficient economy.

The move is part of the country’s broader goal of expanding its presence in foreign oil and gas, The Wall Street Journal’s Saurabh Chaturvedi reports.

India imports about 75% of its energy needs and has been pushing hard to build up a diversified portfolio of foreign assets to minimize its dependency on the Middle East.

ONGC Videsh had agreed in August to pay $2.6 billion for a 10% stake in an oil field owned by Anadarko Petroleum Corp. This followed a $2.5 billion deal with Oil India Ltd. for stake in an offshore oil field from Videocon Industries Ltd.

It makes sense for the company to invest in overseas exploration and production rather than in India, where retail prices of oil and gas are kept low by government subsidies.

This deal follows one announced a week ago. ONGC and Royal Dutch Shell PLC said they would increase their stakes in a Brazilian oil field, blocking out China’s Sinochem for the asset, according to people familiar with the matter.

Usually when countries hold licensing rounds for oil exploration, well-established producers dominate the list. But in New Zealand, there is a surprise bidder: The Green Party, the Journal’s Rebecca Howard writes Thursday.

“It will make sure the government knows that New Zealanders want to protect our waters, not give them away to oil companies,” said Green Party energy spokesman Gareth Hughes.

There has been growing concern in New Zealand about the impact of offshore oil exploration, particularly after the 2010 explosion of the Deepwater Horizon drilling rig in the U.S. Gulf of Mexico.

MARKETS

Brent crude oil futures were heading higher Thursday morning as investors continue to place bullish bets. Even so, analysts say the supply picture is loose and prices have room to fall. The Journal’s market report is here.